Newsroom
Kucey: Why trust differentiates CUs from banks
NAFCU Board of Directors Chair Jeanne Kucey, in an op-ed for CU Times, says that trust is the foundation of credit unions and ultimately what sets the credit union industry apart from banks. "Acting in the best interest of our members is the duty of credit unions. It's what we've done throughout our history," Kucey writes.
Kucey, president and CEO of JetStream Federal Credit Union (Miami Lakes, Fla.), highlights that in difficult times – such as the 2008 financial crisis and the recent government shutdown – credit unions respond quickly to help members.
"Where were the big banks during the shutdown? They were slow to respond, mainly noting that they would 'work' with affected customers, until media attention forced their hand," Kucey argues. "It was these same banks that engaged in risky lending practices that shaped the housing bubble. It was the banks that tightened lending and increased fees as they tried to rebuild their profits."
Kucey says that credit unions have continued to see growth because "enlightened consumers have become increasingly wary of these unethical banking practices."
"Our institutions offer safe, affordable financial products that are meant to improve our members' lives, not enrich stakeholders. It's our commitment to our members and reinvestment in our communities that has created a solid foundation of trust," she writes.
It's not just consumers who see the difference but also lawmakers and regulators who have prioritized reducing small financial institutions' regulatory burdens.
To ensure these trends continue, Kucey highlights NAFCU's advocacy efforts in Washington and encourages credit unions to actively seek opportunities to grow – including by participating in advocacy and attending NAFCU's upcoming Annual Conference, which "is all about big trends and big takeaways that will take our institutions to the next level."
"We must never lose sight of why our cooperatives were founded," Kucey says. "And I, for one, believe we never will. Because doing what is right and earning trust, simply, is in our DNA."
Read Kucey's op-ed here.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Get daily updates.
Subscribe to NAFCU today.